Tanzania’s Minister of Finance, Ambassador Khamis Mussa Omar, has called on financial institutions across the country to take a more active role in supporting the implementation of the Tanzania Development Vision 2050, emphasizing that the financial sector is central to the nation’s long-term economic transformation.
The minister made the remarks during a special Iftar event hosted by the National Bank of Commerce (NBC) in Dar es Salaam, which brought together government officials, religious leaders, and the bank’s customers and stakeholders. Among the attendees were NBC Board Chairman Dr. Elirehema Doriye, Managing Director Theobald Sabi, and senior executives from the bank.
During his address, Ambassador Omar explained that Tanzania Development Vision 2050 seeks to build a modern, diversified economy driven by investment, industrialization, trade, and digital innovation. He stressed that achieving these ambitions will require the financial sector to go beyond traditional banking functions and actively support broader national development goals.
“As you all know, the objective of Tanzania Development Vision 2050 is to build a modern economy driven by investment, industry, trade and digital innovation. To achieve these goals, the financial sector, especially banks, must play a central role in enabling economic transformation,” the minister said.
He further noted that the government will continue creating a supportive environment to enable financial institutions to grow and effectively contribute to the country’s development agenda. Ambassador Omar also called on citizens to maintain peace, unity, and cooperation to ensure that shared national development objectives are realized.
The minister commended NBC for organising the Iftar event, noting that such faith-based gatherings help strengthen relationships between financial institutions, their clients, and the wider community. He emphasized that a strong and stable financial system is essential for national economic growth, and that trust between banks and their customers remains a cornerstone of sectoral health.
Speaking at the event, Dr. Doriye reaffirmed NBC’s commitment to maintaining the tradition of hosting such engagements as part of strengthening partnerships with stakeholders. He highlighted the value of collaboration with government institutions, customers, and community partners, noting that NBC customers serve as ambassadors who help promote the bank’s services within their communities.
Dr. Doriye also acknowledged the role of faith in guiding institutions that directly affect people’s livelihoods, encouraging continued prayers for national leaders and their initiatives.
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NBC Managing Director Theobald Sabi highlighted the ongoing cooperation between the bank, government authorities, religious leaders, and customers. He noted that this partnership has enabled NBC to expand Sharia-compliant financial offerings, including savings and business accounts, Fixed Investment Accounts, and Murabaha-based financing services. The bank also provides the Rariba service, aimed at supporting small traders.
Mr. Sabi revealed that more than 43,000 customers currently use NBC’s Sharia-compliant banking window, with deposits exceeding TSh 80 billion and financing surpassing TSh 46 billion. He expressed appreciation for the government, the Ministry of Finance, and the Bank of Tanzania for providing regulatory oversight that supports the growth and stability of the financial sector.
He reiterated NBC’s commitment to working with all stakeholders to expand financial inclusion, support businesses of all sizes, and promote economic growth through both digital and faith-based financial services. According to Mr. Sabi, the bank aims to continue enabling Tanzanians to participate in Vision 2050 by offering innovative financial products that meet the needs of a modern economy.
The Iftar gathering underscored the critical intersection of faith, finance, and national development, highlighting how partnerships between government, financial institutions, and communities can collectively advance Tanzania’s economic transformation agenda.
